Crypto is robust. It's hard to keep it down.

Crypto is robust. It's hard to keep it down.

A case in point this week: China's latest crypto ban bit a little harder than many were expecting. Centralised exchanges were forced into suspending registrations for users from mainland China and are aiming to close existing user accounts in the country by the end of the year.

The impact on tokens of centralised exchanges with China exposure was significant:

• Huobi Token was down by up to 50% over the weekend.

_{Source: coingecko}

• Gate Token also took a bit of a kicking before bouncing.

_{Source: coingecko}

But on today's top riser charts we see crypto's comeback:

• Top risers over 24 hours - top 100 coins:

_{Source: coingecko}

• Top risers over 24 hours - 100-200 level coins:

_{Source: coingecko}

• Top risers over 24 hours - 200-300 level coins:

_{Source: coingecko}

The common link between these three pages of top risers? Decentralised exchanges:

• dYdX: Ethereum level 2 decentralised exchange.
• WOO Network: A centralised / decentralised very confusing thing.
• Trader Joe: Decentralised trading on Avalanche.
• IDEX: A hybrid liquidity decentralised exchange (order book plus automated market maker) based on Ethereum / Binance Smart Chain / Polkadot.

So it looks like goodbye to centralised exchanges for Chinese users. And hello to Dexes.

As Dexes continue to emerge and improve it is likely to prove increasingly harder for governements to enforce their restrictions. Crypto will adapt. You can't keep a good man down.

Keeping an eye on the news

The above movements show that it's always worthwhile keeping on point with crypto news and events. There is a lot of sentiment in crypto markets and information can intially be slow to filter through into price movements before gaining momentum as people pick up on the trends.

The China crypto ban broke late last week. Centralised exchange coins fell on Friday and then further on Sunday with Dexes picking up the reins on Sunday. Plenty of time to take a position if you can follow the narrative and filter through the noise.

Not financial advice. Please do your own research.

Posted Using LeoFinance ^Beta